A penalty free one time withdrawal allowance from your personal retirement plan be it a 401k or IRA. The amount would be limited to say, 10% or $10,000 whichever is smaller of the employee portion of the contributions to prevent those that don’t really need it from floating themselves an interest-free loan. The payback period…

Dual income families and megabucks 401(k) plans are common socio-economic trends that get today’s Boomers thinking about early retirement. If you elect to retire early and roll your 401(k) plan into an IRA, how can you best set up a withdrawal plan? First, it depends on what kind of IRA you have. The rules differ…

H.R. 1424 Emergency Economic Stabilization Act of 2008 http://thomas.loc.gov/cgi-bin/query/C?c110:./temp/~c110JIik9X section 7701(a)(37) of such Code), in a distribution described in section 408(d)(3) of such Code, and (II) in the case of any other eligible retirement plan, in an eligible rollover distribution (as defined under section 402(f)(2) of such Code), and (ii) as having transferred the amount…

The Coach interviews Stephen Reed, CPA, at Cowan, Gunteski & Co., P.A. on the five key steps to a successful business succession plan. Over 90% of businesses in the U.S. are family owned, but less than 30% make it to the second generation and fewer than 12% make it to third generation. The key reason…

I am almost at the mandatory required age to take distribution from my 457 Deferred Compensation Plan (city government retirement plan) otherwise I have to pay a penalty. What is the best way to take it to preserve my asset and pass it down to my children after my death, and not create a tax…

Okay so in 2008 I received an early distribution from an ESOP retirement plan that I had with a company I worked for. I paid the 10% penalty for taking an early distribution I remember that. I didn’t put it on my taxes because I thought I already paid taxes on it so I didn’t…